Below will be quite a long analysis on why I suspect that GBPUSD might have a big move.
Of course, my analysis could be wrong, just I would like to share with you my line of thoughts so it became a learning experience too.
First, I want to apologise that I have very little time now to do blog posting and tweeting recently, due to a change in schedule and commitment. Be assured that I’m very much still trading (in fact much much more now). I hope there will be an improvement in my schedule.
Here’s my analysis on GBPUSD
GBPUSD at resistance, however this resistance has only 1 historical point. I suspect it might not be that strong
A suspected strong level
Big 1234 spotted, mentioned in Tflow® Intake 40 class, yellow arrow shows entry
H1 1234 shows how entry can be made at bottom of price
Current situation, price offering near to resistance line; this is the 3rd try. Usually (cross finger) price is likely to break upwards on many tries (but not on the first try). This is also the reason why I believe that it could be a big move, as this is the 3rd try already
H1 boxes show flow (yellow box up flow). I mapped out some support for possible 1234
That’s the price I hope it can go
$gbpusd targeting R 16980 – 17000
— TerraSeeds FX Tflow® (@terraseeds) April 17, 2014
Update on 23 Apr 6.46pm
I was waiting for a 1234 to form for a long according to chart above. But there was none. Instead, H4 shows a bearish structure (note that overall trend still up). This 1234 suggest more price weakness. I will continue to monitor this trade till it forms the pattern and price level that I wanted
Update on 24 Apr 8.03pm
In my previous update, I said that GBPUSD is going to have a temporary weakness. Indeed price came down
This down movement brought price to a support level, thus completes the 1234 bullish which I was waiting in my first analysis.
What happened now….
Trigger in this case will be a smallish 1234 at right side of chart pattern or upon F6 of 1234 or 13TL. whatever it is, no trigger no trade.
This trade is a good example of many qualities of a successful trader….patience, belief, INSIST, strong level, big pattern, no trigger no trade. Please dream of this in your sleep.
And to reinforce it into you, type what I wrote above in the comment section…patience…belief….INSIST…strong level, big pattern…no trigger no trade. DON”T CUT /COPY AND PASTE